Houston

Market Report

Number of Listings For Sale
Posted in the last 90 days

116

Median Size (sqft)

370

Houston Office & Commercial Space

Located in the southern region of Texas, the city of Houston is the largest by population in the state. Featuring a residential population of nearly 2.1 million inhabitants, Houston is a markedly diverse community, featuring a wide range of ethnicities, communities, economic and cultural activity. Surrounded by a substantial number of suburban areas, the Greater Houston area provides business owners with a wealth of potentially rewarding opportunities. Rental property for lease in Houston, including office space for rent and commercial space for rent, is situated throughout the numerous neighborhood zones of the city. Depending upon a business owner's specific interests and economic goals, a variety of areas within the city may prove to be advantageous locations for establishing a new business presence here.

Houston Economic Overview

With median household income levels roughly 18% below state averages, the city of Houston is primarily composed of middle-income families and individuals. Common occupations for residents of Houston include positions in industries such as construction, health care, education and the scientific, professional and technical services, among others. As is common with many of the larger cities in Texas, the majority of Houston’s more wealthy citizens live outside of the city limits, in any one of several affluent suburban communities. This could, therefore, explain why median income levels remain somewhat depressed relatively to the high level of economic activity occurring here. Unemployment levels in Houston are largely in line with state averages, thanks primarily to a well-diversified local economy. The per capita income of Houston is $20,000. According to recent studies, it is estimated that 19% of families here currently live below the poverty line.

Houston At A Glance

Houston’s initial growth was due primarily to the thriving oil boom that occurred in Texas during the 20th century. Although this particular economic boom would later subside, Houston has since reinvented itself as a thriving business, technology and cultural hub within the state of Texas. Primarily a commuter city, the majority of the residents who live here travel to and from their various destinations via car. Although public transportation is available, it has yet to fully embed itself within the fabric of the community. Demographically, Houston is quite diverse. While nearly 50% of the population here is classified as Caucasian, the remaining half of local inhabitants represent an eclectic array of world cultures. It is estimated that nearly 90 languages are spoken here. Popular attractions in Houston include the Houston Space Center, the Houston Aquarium as well as nearby Galveston, an island resort community situated along the coastline of the state.

Houston History

The history of Houston begins in the opening decades of the 19th century, when noted businessmen Augustus Allen and John Allen purchased approximately 6,600 acres of land here with the intent of naming the pending community after Sam Houston. The city of Houston was officially incorporated in 1837.
Nearly three decades later, Houston had become a prosperous hub of economic activity thanks to the burgeoning cotton export industry. The arrival of the 20th century brought with it the discovery of the Spindletop oil field which is largely credited with catalyzing the development of the Texas oil industry. Following the economic depression that occurred as a result of dwindling oil prices in the 1980s, Houston remained largely dormant until the early years of the 21st century. In 2005, Houston received yet another large influx of residents following the devastating aftermath of Hurricane Katrina.

Houston Population

In the last five decades, Houston has experienced two significant migration events, both of which involved a substantial influx of residents from areas of the country that had suffered substantial economic and/or physical damage. As Texas continues to host an ever-increasing population of Hispanic residents, it should come as no surprise that Houston hosts a substantial number of Latin American individuals. This migration has impacted the community on a demographic and cultural level, further diversifying the enriching and vibrant tapestry that is Houston’s residential population.

Trends of Houston

A growing number of experts are claiming that Houston has the potential to become one of the region’s next thriving technological and cultural hubs. Thanks to a relatively affordable cost of living and abundance of financial resources, Houston is proving to be quite appealing among entrepreneurs and business owners hoping to take advantage of the general prosperity of the region. As Houston currently hosts the largest population in the state, it stands to reason that this city is advantageously positioned to become the dominant economic and creative capital within the state of Texas.

Where to Lease in Houston

Depending upon the specific needs and interests of the business in question, a variety of locations in and around Houston may prove to be ideal for securing leasable property. Those hoping to take advantage of Houston’s diverse and plentiful consumer population are advised to position their retail establishment either within the downtown region of the city or within one of several affluent suburbs located in close proximity to the city itself. As the vast majority of Houston’s more luxurious shopping malls are located outside of the downtown region entirely, it seems logical for those engaging in these types of activities to position themselves accordingly. As could be expected, those hoping to secure office space for rent are likely to meet with the best possible results in the downtown region of Houston, where the vast majority of major corporations are located. As stated previously, Houston is also home to a wide variety of manufacturing-related enterprises, many of which are located on the outskirts of the city. These properties vary widely in terms of size and functionality, and may be ideal for business owners seeking the opportunity to engage in larger operations. Regardless of the specific needs or technical demands of a business, there are bound to be a wide variety of suitable properties within the Greater Houston area.